Special Situations

What makes us different?

From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment and strategic ideas that fall outside of our core sectors, diving deep into the issues that focus on distressed or event-driven opportunities. This means constantly reevaluating ways to produce differentiated analysis that allows our clients to better understand regulatory pressure and legislative trends.

We live in the weeds.

In order to identify unique, non-traditional investment themes, our analysts strive to become experts on the opaque policy details. We sift through murky comment letters, proposed rules, agency publications, and legislative drafts. We also attend public hearings and visit the municipal bond issuers we cover in person in search of insight and conclusions often missed by others. Throughout our continued coverage, our analysts have built strong relationships with current and former senior officials in the United States and its territories, leading financial advisory firms, and vital members of the business community. These relationships allow us to closely track volatile situations and ensure that our coverage considers the viewpoints of those closest to the issues we cover. Capstone prides itself on digging deep to cut through the noise to provide context and differentiated insights.

Selected Issues

Distressed municipal debt of Puerto Rico, Detroit, and Illinois
TXU/Energy Future Holdings Restructuring
Gaming
Merger arbitrage

Trucking and transportation
Product liability claims
Net metering policies
For-profit education

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Our Latest Insights

2023 State & Local Government Preview

2023 State & Local Government Preview

Uncovering Risks for State and Local Governments: Why Risks Abound in the Year Ahead, Despite a Facade of Financial Optimism By Matt Wiederrecht Click Here to Download Introduction Capstone believes 2023 will be a volatile period for the finances of some states and...

Quantifying Impact

Quantifying Impact

By: David Barrosse, Capstone CEO and Founder January 22, 2023 - In 2022, Capstone conducted over 100 projects for corporate and investor clients in which we did three basic things: predict policy, quantify impact, and create strategy. In an earlier commentary, I wrote...